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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.4x - 14.8x | 14.1x |
| Selected Fwd EBIT Multiple | 5.3x - 5.9x | 5.6x |
| Fair Value | ₹112.35 - ₹134.86 | ₹123.60 |
| Upside | 43.1% - 71.8% | 57.4% |
| Benchmarks | Ticker | Full Ticker |
| Rudrabhishek Enterprises Limited | REPL | NSEI:REPL |
| IIRM Holdings India Limited | 526530 | BSE:526530 |
| Alankit Limited | ALANKIT | NSEI:ALANKIT |
| Vinsys IT Services India Limited | VINSYS | NSEI:VINSYS |
| Ace Integrated Solutions Limited | ACEINTEG | NSEI:ACEINTEG |
| MITCON Consultancy & Engineering Services Limited | MITCON | NSEI:MITCON |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| REPL | 526530 | ALANKIT | VINSYS | ACEINTEG | MITCON | ||
| NSEI:REPL | BSE:526530 | NSEI:ALANKIT | NSEI:VINSYS | NSEI:ACEINTEG | NSEI:MITCON | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 14.5% | NM- | 1.3% | NM- | NM- | NM- | |
| 3Y CAGR | 1.8% | NM- | 8.2% | 157.4% | NM- | 65.7% | |
| Latest Twelve Months | 39.5% | 0.0% | 64.2% | 32.8% | 153.3% | 9.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 20.6% | 20.6% | 5.4% | 15.2% | 4.6% | 13.6% | |
| Prior Fiscal Year | 15.9% | 18.5% | 1.1% | 20.3% | 8.0% | 12.4% | |
| Latest Fiscal Year | 19.3% | 15.0% | 6.9% | 15.7% | -0.3% | 16.6% | |
| Latest Twelve Months | 19.9% | 15.0% | 8.6% | 17.2% | 0.8% | 18.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.36x | 2.69x | 1.51x | 3.49x | 2.33x | 2.22x | |
| EV / LTM EBITDA | 16.5x | 13.8x | 13.4x | 19.3x | 109.3x | 8.9x | |
| EV / LTM EBIT | 16.9x | 17.9x | 17.6x | 20.3x | 304.0x | 12.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 16.9x | 17.9x | 304.0x | ||||
| Historical EV / LTM EBIT | 13.2x | 14.4x | 25.1x | ||||
| Selected EV / LTM EBIT | 13.4x | 14.1x | 14.8x | ||||
| (x) LTM EBIT | 208 | 208 | 208 | ||||
| (=) Implied Enterprise Value | 2,784 | 2,930 | 3,077 | ||||
| (-) Non-shareholder Claims * | (1,364) | (1,364) | (1,364) | ||||
| (=) Equity Value | 1,419 | 1,566 | 1,712 | ||||
| (/) Shares Outstanding | 13.4 | 13.4 | 13.4 | ||||
| Implied Value Range | 105.67 | 116.58 | 127.49 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 105.67 | 116.58 | 127.49 | 78.51 | |||
| Upside / (Downside) | 34.6% | 48.5% | 62.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | REPL | 526530 | ALANKIT | VINSYS | ACEINTEG | MITCON | |
| Enterprise Value | 3,685 | 5,895 | 3,773 | 6,377 | 245 | 2,419 | |
| (+) Cash & Short Term Investments | 28 | 62 | 652 | 187 | 27 | 108 | |
| (+) Investments & Other | 0 | 17 | 0 | 48 | 0 | 0 | |
| (-) Debt | (153) | (296) | (328) | (302) | (4) | (1,472) | |
| (-) Other Liabilities | 0 | (8) | 0 | (1) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,561 | 5,670 | 4,097 | 6,310 | 268 | 1,054 | |
| (/) Shares Outstanding | 17.9 | 68.1 | 271.2 | 14.7 | 10.2 | 13.4 | |
| Implied Stock Price | 198.60 | 83.20 | 15.11 | 429.90 | 26.24 | 78.51 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 198.60 | 83.20 | 15.11 | 429.90 | 26.24 | 78.51 | |
| Trading Currency | INR | INR | INR | INR | INR | INR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |